IBM

(IBM) - Get Report

said today it will invest $98 million in its Canadian microchip assembly plant in Bromont, Quebec, in 2000-2001.

The investment is part of IBM's previously announced $5 billion plan to expand worldwide capacity for its growing semiconductor business.

Big Blue said its recent investment in Bromont is intended to help meet customer demand in semiconductor-related products and services. The company will be adding 400 new employees in Bromont in 2001, bringing its total workforce there to 3,400 people.

Shares of IBM were recently inching up 38 cents, or 0.4%, to $98.25 in

New York Stock Exchange

composite trading. The 52-week high is $134.94.